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President Donald Trump says he's making a "final determination" on a preliminary deal to extend a ceasefire with Iran. Trump said Friday on Truth Social that he's holding meetings in the Situation Room. Former US Rep. Jane Harman, a Democrat from California, says Trump doesn't have many military options left. She is on "Balance of Power."

Federal Reserve Vice Chair for Supervision Michelle Bowman said, "I would like to have more clarity on the economic impacts from the conflict in the Middle East and the durability of those effects," and thinks it's too soon to judge the inflationary impact from the Iran war. Bowman said Friday at a central banking conference in Iceland that that policymakers need to look through temporary price shocks.

Chevron Chairman & CEO Mike Wirth discusses the impact of the war in Iran on oil prices and global supplies, multiple attacks this week on vessels transiting the Strait of Hormuz, the company's view on Venezuela, and potential oil and gasoline shortages. He speaks on "Bloomberg Surveillance."

Chevron CEO Mike Wirth discusses the risks for tankers transiting the Strait of Hormuz and says that multiple vessels have been attacked in recent days. "We see risks very real still in that environment," Wirth said on "Bloomberg Surveillance."

Oil pared gains on a report that the US and Iran have reached a preliminary agreement to extend the ceasefire between the two countries and launch negotiations on the Islamic Republic's nuclear program. The memorandum of understanding would extend the truce by 60 days and states that shipping through the vital Strait of Hormuz would be "unrestricted," without any tolls paid to Iran, but the potential pact still requires President Trump's approval, Axios reported. Trump wants several days to mull over the deal, according to the report. An agreement to extend the truce would represent a diplomatic breakthrough and potentially bring the US and Iran closer to reopening normal maritime traffic through the strait, which usually carries around a fifth of the world's oil and liquefied natural gas supply. For more, we speak with Mike McGlone, Senior Commodity Strategist for Bloomberg Intelligence.

Iran and the US have reached a deal to extend a truce and work toward an agreement to end the war, Axios reported, sending oil prices lower. Tyler Kendall reports on "Bloomberg Open Interest."

The US struck Iranian military targets for the second time this week, shooting down four Iranian drones fired at a commercial ship and hitting a launch unit near the Strait of Hormuz, according to a US official. Tyler Kendall reports on Bloomberg Television.

Cryptocurrency markets lost roughly $80 billion in value over the past 24 hours after fresh US military strikes on Iran triggered a broad sell-off across digital assets and other risk markets.

"Nobody's going to control it," President Donald Trump says when asked about the future of the Strait of Hormuz during a Cabinet meeting at the White House. Trump also says the US won't consider any sanctions relief for Iran until a deal is signed.

President Donald Trump says Iran is negotiating on fumes, their economic system has broken down, and they want to make a deal. He speaks in the White House during a meeting with Cabinet officials.